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Larry Schweikart @LarrySchweikart
, 15 tweets, 3 min read Read on Twitter
1) Ok, folks, we have had assertions from low IQ types that Trump doesn't read.

2) Funny what you can learn from books, suggesting THEY don't read.

3) Exhibit A: Michael D'Antonio, "Never Enough," the last bio of Trump before the election by a lib Trump critic
4) D'Antonio describes Trump's first deal on his own, without his father's help, the Commodore

5) Donald Trump immediately saw all the necessary components: "generous help from the government" and "a top-notch hotel operator as a partner"
6) Trump leveraged the Hyatt, the city, and Penn Central against each other.

7) Hyatt's participation would convince Penn Central that Trump could manage the Commodore.

8) Penn Central execs gave Trump an "informal first position on the property" based on a $10m purchase price
9) But they did not sign a binding agreement to do the deal.

10) For Trump, who did not have the $250,000 to finalize his option on the property, this wasn't an issue. He told the press he had "an option" and a "purchase contract" for the Commodore
11) City officials asked for a copy of the Penn Central agreement, he sent the the paperwork, MINUS the signatures that would have made it binding.

12) D'Antonio noted, "This omission either went unnoticed or no one cared about it."

13) Well, it wasn't entirely unnoticed.
14) Trump, who "doesn't read" had read through every single document and found that the agreement was unsigned, but he moved forward anyway counting on the fact that OTHERS "didn't read."
15) The project moved forward as if everyone had signed and as if Trump had actually paid.

16) He then used the city to leverage Hyatt because he was bringing real estate value to the partnership. (Talk about cajones!)
Remember, this is coming from a critic:

17) "The key to it all," D'Antonio writes, "was PAPERWORK SLEIGHT OF HAND, which became . . . a matter of PRIDE FOR TRUMP."

Wait, don't you have to read to do paperwork sleight of hand? But I digress
18) Trump said, "They only asked to see AN agreement. They didn't say it had to be signed.

19) But Trump wasn't done dealing. Once he started on the hotel. He then negotiated another deal with the Urban Development Corporation which had become nearly shuttered when . . .
. . . its moral-obligation bonds became unsellable. But Trump set up a deal for the UDC to actually own the hotel and LEASE it to Trump keeping the property off the city assessment rolls.

20) Trump and Hyatt would save $4m a year.

(I wonder where he read that?)
21) But Trump wasn't done: He didn't want to spend his own money to refurbish the hotel so he negotiated a loan with Equitable Life that allowed for "nonrecourse" lending which would "allow a builder such as Trump to borrow big sums even if he didn't have the assets to cover . ..
22) . . . the loan in the event of a default."

23) In a MOST UNUSUAL TWIST, for a period of 9 months Trump would be permitted to abandon the project with NO PENALTY if things didn't work out for him.

(But, I'm sure he never read that in the fine print).
24) When finished, one observer called this "one of the most complicated real estate deals ever conceived."

All from a guy who "couldn't read" contracts, building codes, loan and lease agreements, tax codes.

Right. His lawyers did all that. Except his main lawyer was Roy Cohn
25) Cohn was not a real estate lawyer, or a tax lawyer, or a building code guy.

26) He was a fixer who made sure Trump didn't get into trouble.
27) The conclusion of D'Antonio's chapters shows that Trump routinely understood what was in every document far better than all those around him.

Probably osmosis.
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